India may be among the poorest countries in the world with one in three people on this planet living here, but it is certainly a place for rich. The richest 1 per cent lot in India owns 73 per cent of the wealth generated in the country in 2017, this year's Oxfam survey revealed. Notwithstanding the income inequality, India has made it to the sixth spot with total wealth of $8,230 billion, in a list of top 10 wealthiest nations, according to a report by New World Wealth.
Not only that, the country is on the third spot in terms of resident billionaires with 119 individuals in the list. The report says India's wealth took a sharp jump of almost 25 per cent in 2017 as compared to 2016 when its net wealth was around $6,584 billion. Rated as best performing market globally, India has 3.3 lakh HNWIs (high-net-worth individuals), ninth highest in the world, while the country has 20,730 multi-millionaires, which is seventh largest.
"In general, it was a good year for all W10 (wealthiest 10) markets, thanks to strong global stock market gains - the MSCI world index was up 23 per cent and the Dow Jones (DJIA) was up 26 per cent during the year (in USD terms)," the report said, adding "wealth held in China, India, USA, Japan and Australia all grew strongly over the past year".
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